| Il futuro dei servizi finanziari in Europa: verso un European Securities Regulator? |
| Fascicolo 2004-4 |
| Scritto da Mecatti Irene |
|
Sommario 1. Introduzione. – 2. Il Financial Services Action Plan. – 3. Il Lamfalussy Report. – 4. La base legale per l’introduzione dell’ESR: il principio di sussidiarietà, proporzionalità e di non discriminazione. – 5. (Segue): la modifica al Trattato. – 6. Conclusioni.
Abstract Strong increases in cross-border trade in financial services within the European Union caused by the introduction of the Euro, has raised the issue of whether a more comprehensive European regulatory regime is needed to achieve a single market in financial services. The establishment of the Lamfalussy procedure and of the Financial Services Action Plan (FSAP) are fundamental steps taken in order to get this result. In fact, on one side the new four-level regulatory approach makes the EU regulatory process for securities legislation more effective, flexible and transparent; on the other and under a substantial point of view, the FSAP increases the harmonisation process, by covering all the sectors of financial market law. In this context, it has been argued that further integration in EU capital markets requires a more concerted regulatory approach that goes beyond the existing Lamfalussy framework to a more centralised European securities regulator (ESR). This paper considers the case for the ERS and in particular which “instruments” the Community legislator needs or/and has to establish this new authority. |